News
21 January 2009
International Group General Excess Loss Reinsurance Contract Renewal 2009/2010
The arrangements for the renewal of the International Group general excess loss contract and Hydra programme for 2009/10 have now been finalized. There have been general increases for all the vessel types and a further reduction in the US Oil Pollution surcharge rates. On the factors underlying the increases, Just Arne Storvik, Chairman of the Group Reinsurance Sub-Committee, noted that given the 2006 and 2007 claims experience, it is not surprising that there has been a negative impact on the pricing of the Group general excess loss contract and that additional premium is required in certain parts of the programme. On a more positive note however, the Hydra reinsurance of the Group upper pool has been renewed on more favourable terms than for 2008 and the improvement in the claims picture for 2008 should strengthen Hydra’s financial position and reinforce the strategic objectives and the rationale for the development of Hydra.
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